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A foreign-owned PT needs its Indonesian account almost at once. Proof of the capital payment goes to the Ministry of Law within 60 days of the deed, a PT PMA must have at least IDR 2.5 billion paid up, and BKPM Regulation No. 5 of 2025 keeps that money in the company’s own account for at least 12 months unless spent on assets, buildings or operations. Bank Mandiri caters for this stage: it accepts a notary’s cover note from a PT still being established.
The Financial Services Authority (Otoritas Jasa Keuangan, OJK) has regulated and supervised banks since 31 December 2013, when Law No. 21 of 2011 moved that task from Bank Indonesia. The central bank kept the rupiah and foreign exchange. Its Regulation No. 17/3/PBI/2015 requires rupiah for transactions in Indonesia but exempts international trade, international financing and foreign currency deposits, among others, so BCA, for one, runs current accounts in 13 currencies. Buying foreign currency with rupiah above a set amount needs underlying documents, and OCBC’s form lists a special account for natural resource export proceeds (DHE SDA) among account purposes.
Every bank in Indonesia, foreign and rural banks included, belongs to the deposit insurance scheme of the Lembaga Penjamin Simpanan (LPS). It guarantees up to IDR 2 billion per depositor per bank, principal and interest, a limit in force since 13 October 2008. Companies are covered: the LPS claim procedure asks a corporate depositor for its articles and board composition. The trap for a company treasury is interest: a deposit paid more than the LPS guarantee rate loses its cover entirely, principal included.
| Bank | Company papers it lists | What it lists for foreigners | How the file goes in |
|---|---|---|---|
| BCA | Deed, articles, Ministry of Law approval, NIB, company NPWP, ID and NPWP of every director and shareholder | Individual customers: passport, NPWP, KITAS or KITAP; other papers if living abroad | Branch; an attorney may act for the company |
| Bank Mandiri | Deed and amendments, articles, NIB, company NPWP, directors’ IDs | Individual customers: passport, KIMS, KITAS or KITAP, foreign tax number | The company or its attorney |
| CIMB Niaga | Deed, Ministry decree, NIB, business licence, beneficial owner papers | Individual customers: passport and KITAS | Relationship manager or branch |
| DBS Indonesia | Approved deed and articles, NIB, NPWP, licences, address proofs; a separate list for companies registered abroad | People acting for the company: passport with a KITAS or a reference letter | Bank forms; a foreign company acts through a legalised attorney |
| OCBC Indonesia | A form with a PT PMA box; directors’ IDs, NIB, deed, board resolution, certificate of domicile | Beneficial owners: passport or KITAS details | Face-to-face meeting recorded at the branch |
These are options in the market as each bank describes them; any of them may ask for more or decline.
BCA and Mandiri let an attorney open a company account under a power of attorney from the authorised party, so not every director has to attend. Documents from abroad cause most delays. DBS’s checklist still describes legalisation by an Indonesian embassy followed by the Ministry of Foreign Affairs, while Indonesia has applied the Apostille Convention since 4 June 2022, so ask the bank which form it accepts before anything is signed.
If a ready-made Indonesian PT has an account, the share sale does not move it: the company remains the account holder. The bank repeats its checks on the incoming shareholders, directors and signatories, then keeps the account, asks for further documents or closes it; our guide to shelf companies with bank accounts walks through that review. We can supply a ready-made company or handle PT PMA formation in Indonesia, assemble the bank file and, where we have a working contact at a suitable bank, make an introduction; the bank alone decides. Tax and ownership are on our Indonesia company guide.
It depends on the bank. DBS Indonesia’s checklist asks foreigners acting for a company for a passport with a KITAS or a reference letter. BCA lists each director’s identity card and NPWP, and a KITAS or KITAP for foreign individual customers, with a separate line for those not living in Indonesia. No law requires a PT PMA’s directors to be resident, so any residence condition is bank policy.
Yes, by LPS, up to IDR 2 billion per depositor per bank, with all the company’s accounts at that bank added together. Current accounts, savings and time deposits qualify, in rupiah or, at commercial banks, in foreign currency. A deposit earning more than the LPS guarantee rate is not covered, and any excess over the limit is left to the bank’s liquidation.
No. DBS Indonesia describes Indonesian banking as working through SWIFT, while banks abroad use IBAN, so a customer abroad pays using your bank’s SWIFT code and the account number. Indonesia is also outside SEPA, so a euro payment from Europe travels as an international transfer.
It can apply. DBS Indonesia keeps a separate checklist for companies registered abroad: memorandum and articles, certificate of incorporation, the latest list of directors and shareholders (a printed ACRA page will do for a Singapore company formed after 2005), a legalised power of attorney and a form tying the account to economic activity in Indonesia. For the reverse direction, see business accounts in Singapore.